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lilbit | Home Loans Advice? |
If I am approved for a $350,000 home loan and buy a home for $300,000, will I be able to use the remaining $50,000 for fixing up, furnature, etc, or will I only be able to take the $300,000 for the cost of the home??? I live in California and want to buy a Condo. |
 |
 
ark_user
 |
The Home loan will only cover the home itself. Once you have the condo, getting furniture won't be a problem, (hey, I just bought a new condo, I need some furniture).
The only exception would be a rehab loan, but their just for fixing existing problems with the property, (not having furniture isn't considered one of those problems)
Good luck |
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SmartA$$
 |
one option you can work out with the seller, is to inflate the price of the condo, and then after the sale they put some money back into an account that you can use to fix things up, but there are some catches: you cannot inflate the price to more than the apprased value because the bank will not lend above the apprased value regardless of how much you were approved for, also, that money is legally required to be used to pay contractors for repairs, not for furniture etc, its more for like if you buy a house that needs the roof repaired.
No, you cannot have the bank just pay you the remaining 50k, the 350 is the most they say you can afford, but since the home is your collateral they will only lend up to what it is worth. If you have good credit you may be able to take a personal loan also and/or get a home equity loan up to and beyond the value of your home, but your lender is the person to ask. |
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misty m
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If the home will appraise for it, then make an offer of $350,000 with a $50,000 allowance for fixing it up. |
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Loli M
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Home only, perhaps if you need extra money for stuff now isn't the time to buy. If this is your first home and its a condo remember that what is yours isn't really....everything you do in a condo has to be approved by the board and the mgmt company. Be clear on how much the dues are and when and how much the last increase was. Some Board presidents think they are president of the free world and are real pains in the rear end....you might want to ask around about the president before you buy. |
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ann
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You may be able to take out an equity loan at the same time, if it's from the same lender they may take your pre-approval into consideration. But be careful not to over-extend yourself!! |
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DOT
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You will only be loaned the value of the home. |
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GINNY
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nope. sorry you can only get a loan for the price of the home |
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no shame in my game
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if you get a HELO which is a home equity line of credit you should be able to pull out the 50,000. |
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Yanswersmonitorsarenazis
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Nope. Mortgage lenders only finance up to the purchase price. And you can't include furnishings and personal property into the purchase price either.
If you want to do a big renovation or rehab, there are products out there to accomodate this, though none would allow you to buy furniture. You're completely on your own with that stuff. |
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